Should You be Paying Your Contractors' Superannuation?

Описание: Enrich Bookkeeping Solutions offers complete bookkeeping solutions for your business. We are a remote bookkeeping practice servicing clients Australia wide.

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Do you use contractors in your business and wonder if you are
responsible for paying their superannuation?

Hi! I am Blair Verrier, the Principal here at Enrich Bookkeeping Solutions and I am going to help you determine if you should be paying your contractor #superannuation or not.

Many business owners using contractors are confused about their superannuation obligations for #contractors that they pay. The first step would be to determine if the contractor is in fact considered an employee. If this is the case, it is clear cut that you are responsible for their superannuation. In last weeks video I covered how to make this determination. Super will be payable at 9.5% of the labour component of the contract.

Paying an additional 9.5% wages on top of your contractor’s usual pay does not count as a super contribution. To meet your super obligations for your contractor employees, you must pay at least the minimum super guarantee contribution (9.5%) to their super fund account each quarter.

Superannuation is payable to contractors who meet the definition of an employee. A contractor running their own business independent of your own will be responsible for their own superannuation guarantee contributions.

Tune in next week where Aki will cover off on what is Taxable Payments Reporting and how this applies to businesses paying contractors.

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